What is the difference between a fixed second mortgage and one with a variable rate?
The difference between a fixed second mortgage and one with a variable rate is that fixed second mortgage has a fixed rate and is commonly thought of as safer than a mortgage with a variable rate.
Refinancing is re-assessing the terms of your current mortgage. You are capable of refinancing any loan at any time whether it is a home, auto or personal loan. A second mortgage is a mortgage in addition to your primary note. If you obtain a second mortgage you will be liable to pay two monthly mortgage payments.
A second lien mortgage occurs when a lender is willing to impose a lien on an asset that already carries a lien with another creditor. An example of a second lien mortgage is a second mortgage being taking out for property. If a person does not make payments to either lender, the first mortgage is settled before the second mortgage can be settled,
A stand alone second mortgage is a second loan taken out against your home when you already have 1 loan on it. The only difference is that the second loan was closed at a later time.
The difference is really all in how the loans were originated. A junior mortgage refers to the lien placement on the property title. A second mortgage means a mortgagor has more than one loan on a property with the same lender. For example, If I purchase a home (assuming the title is clean and there are no liens on the title) and get the loan with ABC Bank then ABC Bank is considered the senior… Read More
The only difference between a senior and a junior mortgages is the timing of when they are recorded. In rare circumstances, in the cases when a mortgage that was intended to be a second or junior mortgage is recorded first at the county recorders office, the mortgagee that was supposed to be recorded first has to get written permission from the other mortgage company to subordinate their position. Often times, this happen only when a… Read More
Can you file bankruptcy if your first mortgage is 170000 second mortgage is 300000 and the value of the house is about 300000?
Yes...those factors make no difference.
The purpose for second mortgage calculator is to calculate the mortgage for when one gets a second mortgage. The second mortgage calculator will calculate all costs required.
The first is an equation which may contain any powers of the variable - including fractional powers. The second is a single term.
the first mortgage is collateral for the second mortgage.
A nano second is 1 billionth of a second. So there are 999,999,999 nano seconds difference between a second and a nanosecond
The main benefit of a second mortgage refinance is that it allows one to not have to create a new mortgage. Creating a new mortgage can be a hassle, which a second mortgage can alleviate.
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
Difference between first shifting and second shifting theorem
The variance of a random variable is a measure of its statistical dispersion, indicating how far from the expected value its values typically are (Wikipedia 2006). The variance of a real-valued random variable is its second central moment, and it also happens to be its second cumulant (Wikipedia 2006). The variance of a random variable is the square of its standard deviation (Wikipedia 2006). Variance is the difference between what is expected and the actuals… Read More
A second mortgage is not included in a Statue of Limitation law. Explain more about your first mortgage, and I will be able to tell you what will happen to your second mortgage.
One can obtain a 125 second mortgage by visiting several websites and filling in the correct information. These websites include BD Nationwide Mortgage, Second Mortgage Outlet, and 125-Second-Mortgage.
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
A second home mortgage is a loan that you take to purchase your second home.
Bankruptcy is of an individual or a corporation can not distinguish between creditors.
Yes. If you do not pay the 2nd mortgage, you can lose your home in a foreclosure sale. The difference between the first and 2nd mortgage holder in that case varies according to the unit of government. The law in the United States is according to state law. At one time in this state, the first mortgage holder had certain rights concerning whether or not to foreclose. There was a time period when the first… Read More
"Second mortgage rates are for people who already have a first mortgage out and need the money for bills. Or, sometimes if there is an emergency and they don't have the money to cover it, they will take a second mortgage out."
It's like a second mortgage on your home. They would evaluate the worth of your house minus the amount owed on the first mortgage and loan you a percentage of the difference. You would have to pay two mortgage payments.
Application for a second mortgage is much the same as for the first. The primary difference is that with the application for a second mortgage, most major incentive plans such as the Home Affordable Refinance Package (HARP) are not available.
One can calculate the cost of a second mortgage by going to the website 'MortgageCalculator'. Here one can find information about achieving a second mortgage and use the calculator to calculate the cost of a second mortgage.
you then only have to pay the second
A person would need a second mortgage because it is a way to avoid mortgage insurance. They might also need a second mortgage if they need a lump sum of cash.
Can a mortgage company sue for the entire amount of a second mortgage after foreclosure even though they received money to cover the first and some of the second after the sale of the property?
First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for. First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first… Read More
you have two options when you need to pull out money from your property. 1.) cash-out refi- where you pay off the current mortgage and take additional cash with it. 2.) leave the current mortgage alone and taking a second mortgage out for the cash. Second mortgage all so means it is in second place behind the first mortgage
If a bank refinances a first mortgage and there is a second mortgage on the property who does the first mortgage belong too?
The new bank in which the refinance mortgage loan has been taken from becomes the new owner of the first mortgage at the closing table. As for the second mortgage, the second mortgage holder remains the same. Before the first mortgage can close with the new lender, however, they must agree to re-subordinate the second mortgage along with their new one. It is not uncommon. I hope this information helps. Best of luck! Regards, Total… Read More
If 1st mortgage is forclosed on and 2nd mortgage doesn't get any money can they sue for the balance?
Yes. The mortgage exists as collateral for the second mortgage loan. If the second mortgage loan is not satisfied at the foreclosure sale, the second mortgage lender merely loses the collateral but not the loan and it can sue the now former homeowner for the unpaid balance. This is no different than if there is insufficient money from the sale to pay the first mortgage holder in full. The first mortgage hold can file a… Read More
There is no difference, the terms are synonymous.
When a person or family buys a home with a mortgage, it is registered with the county or city registry as the first mortgage. The first mortgage is paid off first in whatever case. A second mortgage on the other hand is a secured home equity loan against the same property. If you default on your mortgage payments the lender has to wait after the till the first mortgage is paid. For this reason the… Read More
Anyone with good credit history and with active first mortgage may be eligible for a second mortgage lenders in the UK. The second mortgage interest rate is generally higher than the first mortgage as the risk levels are higher.
Can a buyer of a second mortgage reinstate the first and make monthly payments even thought the first mortgage is under the name of the previous owners?
The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated". The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner… Read More
the main risk is that the first mortgage will not be paid. if the first mortgage is not paid, goes into default, and is foreclosed, the second mortgage will be determined in the foreclosure sale.
If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
what is the difference between first and second class proteins
Nothing happens to it. It still remains in second place.
You should review your first mortgage document for any requirement that the lender must be notified before you execute a second mortgage. If there is no clause to that effect then the answer is no.
Can a second mortgage put a lien on a home that is not foreclosed but I owned as a primary home however since foreclosure the first mortgage was paid its full amount and the second mortgage nothing?
A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.
A second mortgage is generally riskier for a lender because the second mortgage is subordinate to the primary loan. This means that if the loan defaults, the first mortgage is paid off first and the lender risks losing the money put up for the second mortgage. To cover the extra risk, there is a higher interest rate placed on the second mortage.
Answer The first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company. For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is… Read More
That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage. That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage. That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage. That means the owner-seller has agreed… Read More
...the difference is in the second letter... ;)
difference is the
If you don't pay the mortgage the second mortgagee can foreclose and take possession of the real estate subject to the first mortgage. Many of them do just that.
What happens to the second mortgage when the first mortgage forecloses on the property and will the second mortgage go after the holder or will they show the balance owed as earned income?
Depends on the state. In many states the holder of the second mortgage can come after you for the balance due. If the second is from the same company that holds the first that may not be as likely. It really depends on your state and whether the lending institution has the right to pursue you for the balance between what they eventually sell the house for and what you owed. Check to see if… Read More
The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage. The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage. The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage. The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.
You don't. A second mortgage is a secured loan, just as the first morgage. The difference is the first mortgage holder has priority if it involves a lien against the property or foreclosure rights. The only option is to try to negotiate with the lender for reaffirmation of the loan
No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.